Not All Offers Must Be Communicated to the Offeror for a Valid

question 1

Essay

Not all offers must be communicated to the offeror for a valid contract to arise.Explain.

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Definitions:

Beginning Inventory

The value of all inventory that a company has in stock at the start of an accounting period.

Ending Inventory

The final value of goods available for sale at the end of an accounting period, calculated before the new accounting period begins.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made periodically at the end of accounting periods, rather than after each sale or purchase.

Average Cost Method

An inventory costing method that assigns the average cost of all similar items in inventory to the cost of goods sold and to ending inventory.